Lee urges aggressive campaign for export growth

By Yoo Cheong-mo
SEOUL, Dec. 2 (Yonhap) -- President Lee Myung-bak on Tuesday urged local
exporters to aggressively increase their overseas shipments through new product
development and market diversification to help the nation tide over the economic
crisis.
Speaking to domestic businesspeople at a ceremony marking the 45th Trade Day, Lee
vowed that his government will offer trade financing and other administrative
support to the export companies in a "preemptive, sufficient and decisive
manner."
"The global economy is mired in an unprecedented crisis and our key export
markets, mostly advanced countries, are expected to witness negative growth next
year. A simultaneous slump of the global market would pose a big headache to the
Korean economy heavily dependent on exports," said the president.
"We all have to aggressively move to increase our exports to overcome the ongoing
economic crisis. We can overcome this crisis with our indomitable will and
national harmony and eventually rise to the ranks of advanced countries."
Lee asked the export companies to directly face economic difficulties and make
fresh investments to enhance the competitiveness of core export products and
industries and diversify export markets.
Specifically, he called for greater efforts to penetrate deeper into
resource-rich and populous Latin American countries and expand the production of
environmentally-friendly technologies and products.
"The government will further expand its export insurance and guarantee services
for exporters. I will also pay full attention to ensure that operating capitals
would be provided to industrial companies and exporters in a timely manner," said
Lee.
He then noted that South Korea is expected to post a trade surplus of US$300
million in November following a $1.2 billion surplus in October.
Lee instructed his Cabinet last month to make an all-out effort to attain the
nation's revised export target of $500 billion in 2009, urging domestic banks not
to hesitate to extend much-needed credit lines to Korean exporters.
South Korea's annual exports are projected to rise from $371.5 billion in 2007 to
approximately $430 billion this year.
ycm@yna.co.kr
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